Income Tax (Earnings and Pensions) Act 2003 section 604

Meaning of "personal pension scheme" and related expressions

Section 604 defines what is meant by a "personal pension scheme" and several related terms used throughout the pensions tax legislation.

• A personal pension scheme is a scheme whose sole purpose is to provide annuities, income withdrawals, or lump sums under arrangements made by individuals
• Personal pension arrangements are the arrangements made by an individual in accordance with such a scheme
• Income withdrawal means a payment of income under personal pension scheme arrangements that is not paid by way of an annuity
• An "approved" scheme is one that has been approved by HMRC (formerly the Board of Inland Revenue) and whose approval has not been withdrawn